Unanet has introduced an accounts receivable tool for clients in the architecture and engineering sectors.
The Virginia-based company announced the debut of its new accounts receivable (AR) automation functionalities Tuesday (June 20), saying it will help customers streamline what are traditionally manual AR processes.
Unanet, which provides enterprise resource planning (ERP) and customer relationship management (CRM) software for architecture and engineering firms, says the updates are part of the latest version of its AR automation platform.
“Getting paid quickly and fully is mission-critical for any business, but often project-based businesses like AE firms are so busy managing projects and delivering on behalf of their clients that streamlined and effective invoicing becomes too much of an afterthought,” Steve Karp, senior vice president of financial products for Unanet, said in a news release.
The company says its AR automation functions reduce manual processes like printing and mailing invoices, while improving visibility and accuracy of collections. Clients now have access to an easier way to pay bills via credit card or ACH, Unanet said.
Unanet is launching this update at a time when nearly half of all small and midsize businesses (SMBs) report that a lack of transparency into AR is hurting their businesses.
That’s according to the study “The AP/AR Quick-Start Guide: Reducing B2B Payments Friction for SMBs,” a PYMNTS and Plastiq collaboration.
In its focus on the AR side of businesses, the study found that SMB suppliers identified four pain points, on average, in getting paid.
Their main issues include the lack of transparency about when payees will receive payments, something identified by 47%, the length of invoice approval processes, mentioned by 44%, the lack of integration with other systems, cited by 39%, and the length of time before receipt of payment, cited by 38% of SMBs.
“If businesses knew what they were receiving, and why, very clearly and concisely, and what they were spending and for what reason, or which employee was spending and how much … that would go a long way to helping them improve their cash flow,” he said.
Modernizing accounts receivable processes can help quicken the pace of incoming payments, Trainor said, as automation can clearly present invoices and payment requests.